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I definitly agree with 800 that the first priority is picking up that match, even if it is with a high cost provider it is best just to hold your nose and do it any way at least up to the match. You can always roll it over to a low cost provider if you leave the company. The major difference between a traditional 401k and a Roth IRA is that in a 401k you contribute pre-tax money while the Roth would be post-tax. One very short guide that I think anyone should look over is http://www.clarkhoward.com/clarks-investment-guide Clark breaks it down into a easy, medium, and advanced guide that are each about a page long.
My advice is to have it start automaticly deducting from your paycheck every pay period into your 401k. I would really like to see you pick up the full match, but if that is a bridge to far then start lower and rachet it up over time. If you pick up the full match and still have money to invest, then start to funnel it into a Roth IRA with a low cost provider. One other thing to keep in mind is that when you are younger it is actually a good thing when the stock market tanks, because you can buy more shares for less money.
Do you happen to know what provider your company does its 401k through? That will determine your selection of index funds, target date funds, and other options.
PS: If you did not contribute at all in 2015 you are not too late! I know you still have time to contribute to a Roth IRA, but I think the time line for 401k's may have ended Dec 31.
I have never read through the Bernstein book, but probably just spent more time reading reviews on its amazon page then it would of taken me to read the book. I am about to flip through it now, thanks for the recommendation on it everyone.
@Anonymous wrote:Do you happen to know what provider your company does its 401k through? That will determine your selection of index funds, target date funds, and other options.
PS: If you did not contribute at all in 2015 you are not too late! I know you still have time to contribute to a Roth IRA, but I think the time line for 401k's may have ended Dec 31.
Usually the funds offered in a company's 401k are chosen by the company (some individual or a committee) with guidance from the company that administers the program.
32 years old
37k savings (saving to buy land/build house)
98k in 401k
29K spread out across my Chase savings account, and 2 Barclays 1%/1.05% accounts.
1K in stock.
1K in IRA.
5K~ in my 401k.
No debt.
Age 22, hoping to have 35K-40K in readily available savings cash by the end of the year so me and my fiance can purchase our first house!
Will probably never have this amount of money saved ever again so kind of enjoying it while it lasts LOL.
Thank you! It's really all down to my fiance though, she is a saver and taught me the ways.
If I ever mention that I want to buy something, she says, "Let me know in 2 weeks if you still want it, and we can buy it then".
I am an impulse kind of guy and I guess she figured that out because I then forget about it the next week. And by then I just transfer it into savings.
One of many reasons I know she is a keeper
@800ficogirl wrote:
That's really good 633!.. Kudos to you!
Thank you! I've been very fortunate with my 401k. I work for a company that offers a great match and my investments have been fairly steadily climbing. I really can't complain!